Buguruslanneft LLC wins in an open auction for the right to use subsurface mineral resources of the Ivanosvek oil and Gas field in the Krasnogvardeysky and Ponomarevsky districts of the Orenburg region.

Ivanovskyoe field is located close to the existing infrastructure of Buguruslanneft LLC, which expedites the process of bringing it into operation.

Igor Kristiyan, General Director of Buguruslanneft LLC said: “The purchase of new assets proves that Buguruslanneft LLC has every opportunity for dynamic development, rationalizing production and adopting new technologies.  Therefore more oil will be produced, new jobs will be created and more tax money allocated for the development of our territory.”

The full scope of the winning bid gives Buguruslanneft LLC the right to use subsurface mineral resources, including oil prospecting, exploration and production at Krasnonivskoe field in the Orenburg region.